Code of the District of Columbia

§ 21–2115. Construction of power relating to retirement plan transactions.

In a statutory power of attorney the language granting power with respect to retirement plan transactions empowers the agent to:

(1) Select payment options under any retirement plan in which the principal participates, including plans for self-employed individuals;

(2) Designate beneficiaries under those plans and change existing designations;

(3) Make voluntary contributions to those plans;

(4) Exercise the investment powers available under any self-directed retirement plan;

(5) Make “rollovers” of plan benefits into other retirement plans;

(6) If authorized by the plan, borrow from, sell assets to, and purchase assets from the plan; and

(7) Waive the right of the principal to be a beneficiary of a joint or survivor annuity if the principal is a spouse who is not employed.